After decompiling the newest update, Murray found a setting that would enable users to pay to have their Instagram posts seen more widely. If the experience with Facebook is any hint, users with a large following will see their reach diminish unless they pay up.

Murray also found new analytics features that will provide insights not simply to paying customers but, potentially, to ordinary Instagrammers as well. Instagram could also soon introduce a new type of page to better distinguish businesses from ordinary users.

None of these features are necessarily guaranteed to surface, or surface in the precise form sketched here. But given that they were found in the code base and jibe with the overall thrust of the app’s evolution, they seem like a pretty good indication of the general direction Instagram is heading, 400 million users in tow.